What I saw were properties that I had described earlier: multiplexes (4 or lower) in less than desirable neighborhoods or 40+ unit apartment complexes that I'll never afford. 

By that, I mean folks that probably buy empty lots in good areas and build houses for sale or those that buy older houses in desirable neighborhoods-- tear the them and build new houses for sale.

If the land is back in the woods or off the beaten path some where other types of development would not find it as desirable then the cell tower might be the answer.If you have a great piece of land in high demand then pushing the tower off to the back on a corner with a small access road might let you keep your other land to extract value out of.Would really have to know the address, how large the land is, topography of your land, etc.     

Formerly a contractor, this real estate investor desired to enter the “flipping” space and had identified a great candidate for his first “flip.”

If the property is in a high desire area, maybe the seller can sell the mouse house.

So we saw this unbelievable price for a quadruplex in a desirable neighborhood.The only problem is you can hear all the cars speeding by on the highway some 500ft away...

In regards to the rental analysis, here are my numbers:Purchase Price - $140,00020%  Down - $28,000Rehab Costs - $10,000 (very prelim/rough)Loan amount - $112,000Rental income ~$1500Principal & Int - $568 (4.5% 30yr fixed)Taxes - $210Insurance - $100Management - $100 (bro-in law short-term)Maint/Capex - $200Cash Flow - $322Cash on cash return - 10.2% (16% without accruals)My desire would then be to re-fi as soon as I can to somewhere close to a 75% LTV of the $200K ARV.  

That experience increased my desire to invest in real estate and I hope to learn as much about real estate investing and make some connections with like-minded individual in the BP community. 

You can always invest profit into a better candidate for "buy-and-hold".You may end up just wanting to clean the property up and make it presentable so as to entice a desirable renter (SCREEN - SCREEN - SCREEN your renters!!!).

The minimum code requirement for your area would be good starting point and if you desire more, so be it.With that in mind, you'll want to calculate the amount of material needed to get to that R-Value for the whole area being covered, and work from there to compare costs (factoring in equipment as may be needed if blowing in the insulation).